Iowa Senate OKs Renewable Fuel Tax Break Extension
DES MOINES, Iowa (AP) - A bill to extend tax credits for renewable fuels has won the support of the Iowa Senate.
The Senate unanimously approved the measure 48-0 Tuesday. It now goes to the House.
The bill would extend all renewable fuel tax credits in the state until Jan. 1, 2020. It would also increase the tax credit for E15, a fuel with 15 percent corn-based ethanol. This tax credit would go up in the summer from 3 cents per gallon to 10 cents per gallon.
The legislation also adds biobutanol, an advanced biofuel, to the definition of renewable fuels.
Sen. Robert Hogg, a Cedar Rapids Democrat, says the bill would maintain Iowa as a leader in renewable fuels and help the state meet its obligation to the environment.